Acquiring and Growing Lower Middle Market Businesses in North America.

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At Annapurna Capital Management, we take a collaborative approach to investing in and growing lower middle market companies, with a focus on asset-intensive businesses in energy services, freight transportation and related industries.

We benefit from a continuously stocked pipeline of acquisition opportunities and an outstanding network of industry specialists. We prize our reputations in the sectors and regions that our team covers.

We are conservative with financial leverage but aggressive with operational performance expectations. Discipline and consistency are the hallmarks of the Annapurna Capital Management way of doing business.

We apply our capital and advisory resources to support talented management teams facing opportunities and growing pains in industries we know intimately. This support delivers to our portfolio companies the power and drive they need for their next phase of their growth and maturity.

Our team owns a repeatable record of success in specific industries and target acquisition sizes that are overlooked by other sophisticated private equity firms and strategic acquirers.

Our Investment Criteria

Up to $100 million revenue

$2-$10 million EBITDA

Up to $50 million equity value, with the ability to consider larger transactions through a robust network of sponsor and family office relationships

High growth potential, whether organic or acquisition-driven

Control-oriented equity positions in asset-intensive businesses

Conservative capital structures

Opportunities to add service lines to existing business

Operations anywhere in North America

Strong, operationally-focused management teams

“Annapurna, to which we had gone empty-handed, was a treasure on which we should live the rest of our lives. With this realization we turn the page: a new life begins.” 

— Maurice Herzog, 1950. From "Annapurna: Conquest of the First 8000-metre Peak"